City of Edmonton, Oilers reach agreement for new arena

Edmonton, AB (Sports Network) - The Edmonton Oilers will be staying put,
thanks to an agreement finally reached between team ownership and the city the
franchise has exclusively called home for almost four decades.

On Wednesday, Edmonton City Council approved the framework for a new $480
million arena which will be jointly owned and operated between the hockey team
and Alberta's capital.

"This is a milestone agreement for a world class facility that will drive the
ongoing revitalization of downtown Edmonton," said team owner Daryl Katz,
Chair of the Katz Group. "It also helps to ensure the Oilers' long-term
sustainability in Edmonton. This has been a challenging process for all
concerned but we are confident we will all look back on the end result with
pride and satisfaction at what we have achieved. I want to thank City Council
and City Administration for their work on this file. This is a great day for
Edmonton and we are excited to get to work on realizing this incredible
opportunity."

Terms of the deal dictate that Katz will pay for owning and operating the
arena, while the city will be responsible for the arena itself and the land
surrounding it. Construction is expected to begin later this year, with a
targeted completion date of 2016.

"I am pleased that we have been able to reach an understanding that is both
competitive and reasonable, and will sustain NHL hockey in Edmonton long-
term," said Edmonton's mayor Stephen Mandel. "Edmonton is one of the best
hockey markets in the NHL. A new downtown arena built under this framework is
a first-rate commitment by the City to our downtown and to the game and to the
team we love."

The venue now known as Rexall Place was opened in 1974 as Northlands Coliseum
to host the Oilers, who then played in the World Hockey Association, and has
continued to serve as the club's home since it was accepted into the NHL for
the 1979-80 season.